[Latest] Global Hereditary Cancer Testing Market Size/Share

Austin, TX, USA, April 02, 2024 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Hereditary Cancer Testing Market Size, Trends and Insights By Disease Type (Hereditary Breast & Ovarian Cancer Syndrome, Cowden Syndrome, Lynch Syndrome, Hereditary Leukemia and Hematologic Malignancies Syndromes, Familial Adenomatous Polyposis (FAP), Li-Fraumeni Syndrome, Von Hippel-Lindau Disease, Multiple Endocrine Neoplasias (MEN) Syndromes), By Test Type (Multi Panel Set, Single Site Genetic Test), By Diagnosis Type (Biopsy, Imaging, Lab Tests), By Technology (Sequencing, Polymerase Chain Reaction (PCR), Microarray), By End User (Hospitals, Clinics, Laboratories, Radiology Centers, Diagnostic Centers, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033” in its research database.

“According to the latest research study, the demand of global Hereditary Cancer Testing Market size & share was valued at approximately USD 5.8 Billion in 2023 and is expected to reach USD 6.2 Billion in 2024 and is expected to reach a value of around USD 12.1 Billion by 2033, at a compound annual growth rate (CAGR) of about 7.5% during the forecast period 2024 to 2033.”

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Hereditary Cancer Testing Market: Growth Factors and Dynamics

Increasing Awareness and Screening Programs: Growing awareness about the importance of early detection and genetic screening for hereditary cancers is driving demand for hereditary cancer testing. Screening programs and initiatives aimed at identifying individuals at high risk for hereditary cancers contribute to market growth.

Advancements in Genetic Testing Technologies: Advances in genetic testing technologies, such as next-generation sequencing (NGS) and multiplex PCR, have led to the development of more accurate, cost-effective, and accessible hereditary cancer testing solutions. These technological advancements expand the reach of genetic testing and enhance diagnostic accuracy, driving market expansion.

Rising Incidence of Hereditary Cancers: The increasing prevalence of hereditary cancers, attributed to factors such as aging populations, lifestyle changes, and environmental factors, is fueling demand for hereditary cancer testing. The growing recognition of the role of genetics in cancer risk assessment and management further drives market growth.

Expanding Applications in Precision Medicine: Hereditary cancer testing plays a crucial role in precision medicine initiatives aimed at tailoring cancer prevention, diagnosis, and treatment strategies to individual genetic profiles. The integration of genetic information into personalized cancer care pathways drives the adoption of hereditary cancer testing and expands its applications in clinical practice.

Government Initiatives and Supportive Regulations: Government initiatives and supportive regulations promoting genetic testing, cancer screening, and precision medicine drive market growth. Funding for research, public health programs, and genetic counseling services, along with regulatory frameworks ensuring quality standards and patient confidentiality, encourage the adoption of hereditary cancer testing.

Growing Demand for Preventive Healthcare: Increasing emphasis on preventive healthcare and proactive management of cancer risk factors is boosting demand for hereditary cancer testing. Individuals with a family history of cancer, as well as those seeking to understand their genetic predisposition to cancer, drive demand for genetic testing services as part of preventive health strategies.

Expanding Access to Genetic Counseling Services: The growing availability and accessibility of genetic counseling services complement the uptake of hereditary cancer testing. Genetic counselors play a vital role in interpreting test results, providing risk assessment, and guiding patients and healthcare providers in making informed decisions about cancer prevention and management.

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Hereditary Cancer Testing Market: Partnership and Acquisitions

In 2023, MedGenome introduced a genetic test for Facioscapulohumeral Muscular Dystrophy diagnosis in India, broadening its product portfolio. The move reflects escalating competition in the market, highlighting the company’s commitment to addressing unmet medical needs and expanding its presence in the genetic testing sector.

In 2021, Quest Diagnostics, a leading provider of diagnostic information services, completed an all-cash equity acquisition of Blueprint Genetics. Blueprint Genetics is renowned for its expertise in gene variant interpretation using next-generation sequencing (NGS) and proprietary bioinformatics, enhancing Quest’s capabilities in genetic testing and analysis.

Report Scope

Feature of the Report	Details
Market Size in 2024	USD 6.2 Billion
Projected Market Size in 2033	USD 12.1 Billion
Market Size in 2023	USD 5.8 Billion
CAGR Growth Rate	7.5% CAGR
Base Year	2023
Forecast Period	2024-2033
Key Segment	By Disease Type, Test Type, Diagnosis Type, Technology, End User and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

A free sample of the Hereditary Cancer Testing report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

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Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
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(Please note that the sample of the Hereditary Cancer Testing report has been modified to include the COVID-19 impact study prior to delivery.)

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Hereditary Cancer Testing Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the Hereditary Cancer Testing Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

Disruption in Healthcare Services: During the Covid-19 pandemic, healthcare services, including genetic testing and counseling, faced disruptions due to resource reallocation, lockdown measures, and prioritization of Covid-19 response efforts. This led to delays or cancellations of hereditary cancer testing appointments and reduced access to testing services for individuals at risk.

Economic Constraints and Patient Concerns: Economic uncertainties and financial constraints resulting from the pandemic, coupled with patient concerns about virus exposure and healthcare facility safety, led to decreased demand for elective procedures, including hereditary cancer testing. Many individuals postpone or forego genetic testing due to cost concerns or fears of visiting healthcare facilities.

Resumption of Healthcare Services: With the easing of COVID-19 restrictions and the rollout of vaccination campaigns, healthcare services, including hereditary cancer testing, gradually resumed normal operations. Health systems implemented safety measures to minimize virus transmission, restore patient confidence, and ensure continuity of genetic testing services.

Emphasis on Telemedicine and Remote Testing: The pandemic accelerated the adoption of telemedicine and remote testing options in genetic counseling and hereditary cancer testing. Virtual consultations, telehealth platforms, and at-home testing kits provided alternatives to in-person visits, expanding access to genetic testing services and overcoming barriers related to travel restrictions and healthcare facility closures.

Government Support and Funding: Government support, funding, and policy initiatives aimed at healthcare system recovery and pandemic response efforts facilitated the resumption of genetic testing services. Funding for research, public health programs, and genetic counseling services, along with regulatory flexibility and telehealth reimbursement policies, supported the recovery of the hereditary cancer testing market.

Public Health Campaigns and Awareness Efforts: Public health campaigns, educational initiatives, and awareness efforts focused on the importance of cancer screening, genetic testing, and preventive healthcare measures helped rebuild patient confidence and promote the uptake of hereditary cancer testing. Outreach programs targeted at high-risk populations and underserved communities contributed to increased awareness and utilization of genetic testing services.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Hereditary Cancer Testing Market, with some challenges and opportunities arising from the pandemic.

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Key questions answered in this report:

What is the size of the Hereditary Cancer Testing market and what is its expected growth rate?
What are the primary driving factors that push the Hereditary Cancer Testing market forward?
What are the Hereditary Cancer Testing Industry's top companies?
What are the different categories that the Hereditary Cancer Testing Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Hereditary Cancer Testing market sample report and company profiles?

Key Offerings:

Market Share, Size & Forecast by Revenue | 2023−2032
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Hereditary Cancer Testing Market – Regional Analysis

The Hereditary Cancer Testing Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

North America: In North America, trends in the Hereditary Cancer Testing Market include the widespread adoption of genetic testing services driven by a robust healthcare infrastructure, increasing awareness of hereditary cancer risk factors, and favorable reimbursement policies. Additionally, the integration of genetic testing into mainstream healthcare practices, along with advancements in testing technologies and the availability of personalized medicine approaches, contribute to market growth.

Europe: In Europe, trends in the Hereditary Cancer Testing Market include a growing emphasis on preventive healthcare, expanding access to genetic counseling services, and increasing adoption of population-based screening programs for hereditary cancers. Additionally, regulatory initiatives promoting standardized testing protocols, data privacy regulations, and quality assurance standards shape market dynamics. Moreover, collaborative efforts between healthcare providers, research institutions, and industry stakeholders drive innovation and market expansion.

Asia-Pacific: In the Asia-Pacific region, trends in the Hereditary Cancer Testing Market include rising cancer incidence rates, increasing awareness of genetic predispositions to cancer, and expanding access to healthcare services. Additionally, the adoption of telemedicine and digital health solutions facilitates access to genetic counseling and testing services in remote and underserved areas. Moreover, partnerships between international and local players drive technology transfer and market penetration in the region.

LAMEA (Latin America, Middle East, and Africa): In the LAMEA region, trends in the Hereditary Cancer Testing Market include growing investments in healthcare infrastructure, expanding access to genetic testing services, and rising adoption of precision medicine approaches. Additionally, cultural factors influencing attitudes towards genetic testing, regulatory challenges, and economic disparities shape market dynamics. Moreover, collaborations between public and private sector stakeholders drive awareness campaigns and capacity building initiatives in the region.

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List of the prominent players in the Hereditary Cancer Testing Market:

Myriad Genetics Inc.
Quest Diagnostics
Invitae Corporation
Illumina Inc.
Thermo Fisher Scientific Inc.
Ambry Genetics Corporation
BioReference Laboratories Inc.
LabCorp
Qiagen N.V.
Roche Diagnostics
Color Genomics Inc.
Centogene AG
GeneDx
Natera Inc.
Foundation Medicine Inc.
Others

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The Hereditary Cancer Testing Market is segmented as follows:

By Disease Type

Hereditary Breast & Ovarian Cancer Syndrome
Cowden Syndrome
Lynch Syndrome
Hereditary Leukemia and Hematologic Malignancies Syndromes
Familial Adenomatous Polyposis (FAP)
Li-Fraumeni Syndrome
Von Hippel-Lindau Disease
Multiple Endocrine Neoplasias (MEN) Syndromes

By Test Type

Multi Panel Set
Single Site Genetic Test

By Diagnosis Type

Biopsy
Imaging
Lab Tests

By Technology

Sequencing
Polymerase Chain Reaction (PCR)
Microarray

By End User

Hospitals
Clinics
Laboratories
Radiology Centers
Diagnostic Centers
Others

Click Here to Get a Free Sample Report of the Global Hereditary Cancer Testing Market @ https://www.custommarketinsights.com/report/hereditary-cancer-testing-market/

Regional Coverage:

North America

U.S.
Canada
Mexico
Rest of North America

Europe

Germany
France
U.K.
Russia
Italy
Spain
Netherlands
Rest of Europe

Asia Pacific

China
Japan
India
New Zealand
Australia
South Korea
Taiwan
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

This Hereditary Cancer Testing Market Research/Analysis Report Contains Answers to the following Questions.

Which Trends Are Causing These Developments?
Who Are the Global Key Players in This Hereditary Cancer Testing Market? What are Their Company Profile, Product Information, and Contact Information?
What Was the Global Market Status of the Hereditary Cancer Testing Market? What Was the Capacity, Production Value, Cost and PROFIT of the Hereditary Cancer Testing Market?
What Is the Current Market Status of the Hereditary Cancer Testing Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Hereditary Cancer Testing Market by Considering Applications and Types?
What Are Projections of the Global Hereditary Cancer Testing Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
What Is Hereditary Cancer Testing Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is the Economic Impact On Hereditary Cancer Testing Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
What Are Market Dynamics of Hereditary Cancer Testing Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Hereditary Cancer Testing Industry?

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Reasons to Purchase Hereditary Cancer Testing Market Report

Hereditary Cancer Testing Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
Hereditary Cancer Testing Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
Hereditary Cancer Testing Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
Hereditary Cancer Testing Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

The study provides a thorough overview of the global Hereditary Cancer Testing market. Compare your performance to that of the market as a whole.

Aim to maintain competitiveness while innovations from established key players fuel market growth.

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What does the report include?

Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Hereditary Cancer Testing market analysis.

The competitive environment of current and potential participants in the Hereditary Cancer Testing market is covered in the report, as well as those companies' strategic product development ambitions.

According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

For each segment mentioned above, actual market sizes and forecasts have been given.

Who should buy this report?

Participants and stakeholders worldwide Hereditary Cancer Testing market should find this report useful. The research will be useful to all market participants in the Hereditary Cancer Testing industry.
Managers in the Hereditary Cancer Testing sector are interested in publishing up-to-date and projected data about the worldwide Hereditary Cancer Testing market.
Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Hereditary Cancer Testing products' market trends.
Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.

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